Football League FFP rules wrote:Clubs relegated from the Premier League will not be subject to sanctions in their first season in the Championship as long as they have met their financial obligations under Premier League regulations. They would, however, be subject to the potential of a Fair Play Tax if they achieved promotion in their first season in the Championship whilst not complying with the FFP regulations.

QPR would not have faced any sanctions if they hadn't been promoted. In any case, nothing would be applied immediately as they'd still have until 1st December to submit their report for last season. It even says in the rules that the sanctions will only apply after 1st December 2014, with the January 2015 transfer window being the first where any embargo will apply.